prep XL test questions, Exam Review Questions and answers, VERIFIED/| LATEST UPDATE | EXAM PREDICTION QUESTIONS |
14 views 0 purchase
Course
Prep xL
Institution
Prep XL
prep XL test questions, Exam Review
Questions and answers, VERIFIED/
The advertisement of mortgage products that Edna is planning to use indicates the number of payments
required to pay off a specific loan. This statement is a:
Prohibited statement
Trigger term
Permissible representation if...
prep XL test question s, Exam Review Questions and answers, VERIFIED/ The advertisement of mortgage products that Edna is planning to use indicates the number of payments required to pay off a specific loan. This statement is a: Prohibited statement Trigger term Permissible representa tion if it is accurate Hypothetical only - ✅✅ -Trigger term In an adjustable -rate mortgage loan, recast: Is the time in the loan term where periodic payments must be of sufficient amount to fully amortize the loan within the remaining term Occurs when the terms of a mortgage loan are modified Is the time during which interest -only payments may be made on a loan Is a provision allowing the borrower to change the amount of principal owing each month - ✅✅ -Is the time in the loan term where p eriodic payments must be of sufficient amount to fully amortize the loan within the remaining term Each of the following would be considered a form of mortgage fraud for housing, except: The borrower overstating assets necessary for a down payment or col lateral for the loan Submission of a fraudulent gift letter Appraisal fraud Including sporadic bonuses in with regular income - ✅✅ -Appraisal fraud Which of the following best describes the Safeguards Rule? A part of the FCRA which requires protection o f customer information A rule allowing financial institutions to escape liability arising from security breaches A disclosure rule found in the Real Estate Settlement Procedures Act A provision of the GLB Act which contains security plan requirements - ✅✅ -A provision of the GLB Act which contains security plan requirements Which of the following would be the most influential factor in determining the hazard insurance premium on a home? Value of the lot Flood zone determination Replacement cost of the home Appraised value of the home - ✅✅ -Replacement cost of the home Which of the following best describes the tolerance applicable to the escrow account? Tolerance depends on certain factors Zero tolerance No tolerance requireme nt 10% tolerance - ✅✅ -No tolerance requirement Which of the following would most likely be found on a mortgage or trust deed? A defeasance clause The due date for the periodic payment Annual percentage rate Parameters for imposition of late payments - ✅✅ -A defeasance clause A HECM is repaid: Monthly, with interest -only payments Monthly, with fully -amortizing payments Monthly, with negatively -amortizing payments and a balloon payment Upon the borrower's death or sale of the property - ✅✅ -Upon the borrower's death or sale of the property
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Terryl. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.49. You're not tied to anything after your purchase.
